Rental activity in the South Beach neighborhood of Miami Beach surged 20 percent in the first quarter of 2012 on a year-over-year basis compared to the same January through March period in 2011 even as the median lease rate increased by 25 percent.
Tenants leased more than 525 residential properties in the South Beach market in the first three months of 2012 compared to less than 445 properties in the first quarter of 2011.
A year earlier in 2010, tenants leased about 450 residential properties in a market that stretches from 24th Street south to South Pointe Drive, and the Atlantic Ocean west to Belle Isle in Biscayne Bay.
Compare this to the first quarter of previous years when tenants leased about 525 residences in 2009 and more than 435 residences in 2008 in South Beach.
As of April 24, 2012, more than 640 properties are available for lease in the South Beach market where tenants are renting an average of about 175 properties per month in the first quarter of this year,.
The demand for rental units in South Beach is increasing even as the median monthly lease price increased to $2.38 per square foot in the first quarter of 2012 from $1.90 per square foot in the same period in 2011 and $1.92 per square foot in 2010.
Of the South Beach properties currently available for rent, more than 275 properties have one bedroom with a median asking price of $3.08 per square foot per month. An additional 230 properties have two bedrooms with a median asking price of $3.76 per square foot per month.
Nearly 100 studios are available for rent at a median asking price of about $3.02 per square foot per month.. More than 35 properties with three bedrooms are available for rent at a median asking price of $3.75 per square foot per month.
Less than 10 properties with at least four bedrooms are available at a median asking price of more than $4 per square foot per month.
South Beach achieves some of the highest condo prices per square foot in South Florida.